Forestar Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Forestar Group Inc. has submitted its quarterly 10-Q filing for the period ending March 31, 2024.</b>

AI Summary

Forestar Group Inc. (FOR) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Forestar Group Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter of 2024. The company's fiscal year ends on September 30. Forestar Group Inc. was formerly known as Forestar Real Estate Group Inc. and Forestar Real Estate Group LLC. The filing was made on April 23, 2024.

Why It Matters

For investors and stakeholders tracking Forestar Group Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this filing is crucial for assessing Forestar Group Inc.'s current financial health and future prospects.

Risk Assessment

Risk Level: low — Forestar Group Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or significant events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to inform investment decisions.

Key Numbers

• 2024-03-31 — Period of Report (Fiscal quarter end date)
• 2024-04-23 — Filing Date (Date the report was filed)
• 0930 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• Forestar Group Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-23 (date) — Filed as of date
• 0001406587 (company) — Central Index Key
• 2221 E. LAMAR BLVD. SUITE 790 (address) — Business address
• ARLINGTON (location) — Business address city
• TX (location) — Business address state
• 76006 (postal_code) — Business address zip

FAQ

Industry Context

Forestar Group Inc. operates in the real estate sector, focusing on land development and homebuilding. This 10-Q filing provides insights into its performance within this industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Compare Forestar Group Inc.'s performance in this quarter against previous periods and industry benchmarks.
3. Analyze any disclosures regarding risks, legal proceedings, or significant business developments.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period.
• 2024-04-23: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would be for earlier periods.

Key Financial Figures

• $1.00 — ich Registered Common Stock, par value $1.00 per share FOR New York Stock Exchange

Filing Documents

• for-20240331.htm (10-Q) — 677KB
• a3312024exhibit311.htm (EX-31.1) — 10KB
• a3312024exhibit312.htm (EX-31.2) — 10KB
• a3312024exhibit321.htm (EX-32.1) — 3KB
• a3312024exhibit322.htm (EX-32.2) — 3KB
• for-20240331_g1.jpg (GRAPHIC) — 19KB
• 0001406587-24-000074.txt (&nbsp;) — 4294KB
• for-20240331.xsd (EX-101.SCH) — 26KB
• for-20240331_cal.xml (EX-101.CAL) — 29KB
• for-20240331_def.xml (EX-101.DEF) — 166KB
• for-20240331_lab.xml (EX-101.LAB) — 423KB
• for-20240331_pre.xml (EX-101.PRE) — 300KB
• for-20240331_htm.xml (XML) — 478KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Total Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27 SIGNATURE 28 , Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FORESTAR GROUP INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 September 30, 2023 (In millions, except share data) ASSETS Cash and cash equivalents $ 416.2 $ 616.0 Real estate 2,115.9 1,790.3 Investment in unconsolidated ventures 0.5 0.5 Property and equipment, net 6.1 5.9 Other assets 60.0 58.0 Total assets $ 2,598.7 $ 2,470.7 LIABILITIES Accounts payable $ 61.7 $ 68.4 Accrued development costs 107.3 104.1 Earnest money on sales contracts 144.5 121.4 Deferred tax liability, net 50.8 50.7 Accrued expenses and other liabilities 55.8 61.2 Debt 705.7 695.0 Total liabilities 1,125.8 1,100.8 Commitments and contingencies (Note 11) EQUITY Common stock, par value $ 1.00 per share, 200,000,000 authorized shares, 50,602,722 and 49,903,713 shares issued and outstanding at March 31, 2024 and September 30, 2023, respectively 50.6 49.9 Additional paid-in capital 663.3 644.2 Retained earnings 758.0 674.8 Stockholders' equity 1,471.9 1,368.9 Noncontrolling interests 1.0 1.0 Total equity 1,472.9 1,369.9 Total liabilities and equity $ 2,598.7 $ 2,470.7 See accompanying notes to consolidated financial statements. , Table of Contents FORESTAR GROUP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2024 2023 2024 2023 (In millions, except per share amounts) Revenues $ 333.8 $ 301.5 $ 639.7 $ 518.2 Cost of sales 250.7 245.6 483.7 414.8 Selling, general and administrative expense 29.2 22.0 57.2 44.9 Gain on sale of assets — — — ( 1.6 ) Interest and other income ( 5.0 ) ( 2.0 ) ( 11.3 ) ( 3.7 ) Income before income taxes 58.9 35.9 110.1 63.8 Income tax expense 13.9 9.0 26.9 16.1 Net income $ 45.0 $ 26.9 $ 83.2 $ 47.7 Basic net income per common share $ 0.90 $ 0.54 $ 1.66 $ 0.95 Weighted average number of common shares 50.1 49.9 50.1 49.9 Diluted net income per common share $ 0.89 $ 0.54 $ 1.65 $ 0.95 Adjusted weighted average n

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1 — Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for all periods presented in the Company's statements of operations. The transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In the opinion of management, these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown, including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of September 30, 2023, which was derived from audited financial statements, do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2023. In October 2017, Forestar became a majority-owned subsidiary of